Best Canadian Tax Software for Crypto Taxes 2024
Let’s face it - the CRA doesn't give much advice when it comes to how to file your crypto taxes as part of your annual tax return. That's why most Canadian taxpayers opt to use tax software alongside a crypto tax calculator to make things simple. Here's the best tax software to use to file your crypto taxes and how they work with Koinly.
Best tax apps for crypto taxes
Nobody wants to spend hours filling out paper forms anymore - but the CRA's own tax portal can also be a bit of a minefield. To further complicate things, if you’ve got crypto investments to report, you'll need to complete some additional form filling.
You can see our complete guide for Canada crypto tax, but in short:
You need to calculate your crypto tax - including your capital gains, losses, any income, and expenses.
You'll need to report your capital gains and losses from crypto in Schedule 3.
You'll need to report any crypto income in your Income Tax Return.
If you have a lot of dispositions of crypto - so sales and trades - calculating your capital gains and losses alone can be a lot of work. On top of this, if you've got crypto income - for example, from DeFi protocols, staking, or mining - then you'll also need to identify the fair market value of your crypto in CAD on the day you received it to calculate your additional income.
Koinly makes this simple. All you need to do is sync the wallets, exchanges, and blockchains you use with Koinly and it'll do the rest. Koinly will calculate your crypto income, capital gains, losses, and any expenses for you. It'll then generate a variety of tax reports to help you file your crypto taxes with the Canada Revenue Agency including the Complete Tax Report and Schedule 3.
Not only this, but Koinly can also generate specific reports for a variety of Canadian tax software to make this process even faster. Let’s dive into the best tax apps to get your crypto taxes done (with Koinly) in mere moments.
TurboTax Canada for crypto tax
TurboTax is the most popular tax app in Canada. It's CRA-certified and walks you through filing your taxes step-by-step, including crypto taxes. They also offer professional tax help as and when you need it, though this comes with an additional cost. The basic product is free and there are various paid products up to $34.99 - you'll need the latter for capital gains.
All TurboTax Canada products are available online, or if you prefer you can grab it in a CD format - Koinly generates reports for both versions.
Koinly can generate specific TurboTax Canada reports - so doing your crypto taxes with Koinly and TurboTax Canada couldn’t be easier. Check out the video below for our step-by-step guide on how to report your crypto taxes with Koinly and TurboTax Canada:
Wealthsimple for crypto tax
Wealthsimple is a very popular choice for tax apps in Canada - offering easy, accurate, and free tax filing with the CRA.
Wealthsimple's smart tools even help you figure out and maximize your deductions to ensure you pay the right amount of tax with an optimized tax return.
When it comes to crypto taxes, Wealthsimple and Koinly integrate two different ways. You can pair your Koinly account with your Wealthsimple account from the Wealthsimple tax return page, or you can upload your Koinly Wealthsimple report to their page too. Overall, it couldn't be easier to do your Canada crypto taxes than with Koinly and Wealthsimple. Check out our step-by-step guide on how to report your crypto tax with Koinly and Wealthsimple for more info:
H&R Block Canada for crypto tax
Last up - but by no means least - H&R Block is popular across Canada, thanks to their easy online filing and remote and in-office support.
They offer a variety of price tiers to suit all needs, but if you've got crypto investments - you'll need the $69.99 plan. You can also opt to get help from a tax pro starting from $80 if you'd rather not do it yourself.
Koinly can help you file your H&R Block taxes by calculating your crypto taxes for you, so all you need to do when you want to file is use your Koinly report. Check out our video guide on how to do your taxes with H&R Block and Koinly: